Motor tariffs could lead to £230bn retaliation — European Union warns Trump

05/07/2018

The European Union warned on Monday that up to $294 billion worth of usa exports would face counter-measures if President Donald Trump went through with his threat to slap duties on auto imports.

The European Commission said the U.S. investigation into auto imports "lacks legitimacy, factual basis and violates worldwide trade rules", according to CNN Money.

The European Union submitted its formal comments to the United States Department of Commerce in the framework of an on-going investigation on the impact of automotive imports on the USA national security.

President Donald Trump cited national security concerns for the previous tariffs. The EU, which described the move as "pure protectionism", introduced duties on US products in return, as did Mexico, Canada, Turkey and India.

"Increased import tariffs could lead to a smaller GM, a reduced presence at home and overseas for this iconic American company, and risk less - not more - U.S.jobs", GM said in a submission to the U.S. Department of Commerce that was published Friday.

Meanwhile, Germany-based BMW has said its investment of nearly US$9bn at the SC plant in the United States supported more than 120,000 jobs.

Trump has implemented billions of dollars in tariffs targeted at China, Canada, Mexico and the European Union, saying such moves are needed to offset trade imbalances.

EU officials also said around 60-percent of USA -made cars of European brands are exported into third countries, which benefits the US economy.

US and China battle it out through travel warningsIan Bremmer, CBS News contributor and president of the Eurasia Group, joins "CBS This Morning" to discuss what to expect. The president's methods have already led to retaliatory duties from Canada, the European Union and other allies.

And just like that, a high-risk trade war between the world's two biggest economies will begin - one that could quickly escalate. The Trump administration is also identifying an additional US$200b in Chinese goods for 10 percent tariffs, which could take effect if Beijing retaliates. It calculated that a 25 percent tariff would slash an initial $13-14 billion (up to Rs 96,331 crore) off USA gross domestic product, with no predicted improvements to its own incomes.

Asked at a briefing about the Chamber's report, White House spokeswoman Sarah Sanders told reporters: "The president is focused on helping protect American workers and American industries and create a fair playing field".

The 25 percent import tax could push the synthesiser company outside the US. Any new United States tariffs would likely lead to further retaliatory measures from China and the EU.

According to the Financial Times, European leaders are getting more convinced that President Donald Trump will put new tariffs on European cars.

Its ironic that the protectionist concept of trade tariffs will essentially threaten jobs in the USA, as usual in any conflict, trade or otherwise, there is always "collateral damage".

Some U.S. companies have already been pressured to take action.

USA manufacturing expanded more than forecast last month as a gauge of supplier-delivery times shot up amid robust orders and production, data from the Institute for Supply Management showed on Monday. This is higher than the 1 million barrels-a-day increase that OPEC countries have agreed on, sending oil futures on a decline.

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